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T H E M O N TH LY Business C o v e r in g B u s in e s s a n d A g r ic u ltu r a l C o n d itio n s in R eview th e S ix th F ed e ra l R e se rv e D is tr ic t. FED ER A L RESER V E BANK O F A T LA N T A J O S . A . M c C O R D , C h a ir m a n o f th e B o a r d a n d F e d e ra l R e s e r v e A g e n t W ARD VOL. 8 A L B E R T S O N , A s s is t a n t F e d e ra l R e s e r v e A g e n t A T L A N T A , G E O R G I A , J A N U A R Y 30, 1923. NO. 1 SUMMARY OF BUSINESS CONDITIONSJN THE UNITED STATES Production and prices remained relatively constant inJDecember while trade and credit showed the usual increase to the holiday season followed by declines in January. Production The index of production in basic industries, after rising rapidly since last August, showed a slight recession in December, though production was maintained at a level near the peak of 1920. The output of pig iron and coal continued to increase, but the production of certain other commodities, particularly of cotton textiles and flour, showed declines. In southern districts the building industry continued active and in all parts of the country much new construction was projected. Railroad traffic continued heavier than a year ago, though the seasonal decline in carloadings and the reduction in bad order cars particularly relieved freight congestion. Employment at industrial establishments made a further advance in December, accompanied by wage increases in cer tain industries. Some shortage of labor in the eastern districts was still reported but in the Pacific states a substantial surplus of unskilled labor was indicated. Wholesale Prices , The general level of wholesale prices remained unchanged in December. Among various groups of commodities the price tendencies of recent months were continued. Prices of farm products,, cloth, chemicals, and house furnishings registered furifller increases, while fuel and metal prices continued to decline. Durlii-? January a number of basic commodities ad vanced in price, and cotton, rubber, and lead rose to the highest points sinc£ 192(«. Vclxime of Trade Wholesale trade in most reporting lines showed $ seasonal decline was considerably larger than a y ear ago. Farm implements dealers, however, reporteAja^ger saies tKaii in November and more thati 5p|ibled their December 1921 business. Retail sales of reporting stores d?u4n^ December reached the, if^gest volume in the last four years. Bank Otfedifr Dividend and interest payments and the disbursement of goverment funds in connection with the redemption of victory notes and war savings certificates together with the usual decline in the demand for currency after the holidays season, vere attended by a large increase in the volume of new security issues and by somewhat easier money conditions. Open narket commercial paper rates in financial centers which were 4J to 4| per cent in December declined to 4£ to 4} per cent tn fanuary. Member banks in leading cities reported an increase in demand deposits, an important factor in which was the usual sea* onal flow of funds from country districts to financial centers. While the volume of loans on stocks and bonds decreased n the first two weeks of January there was a somewhat larger increase in the investments owned by the banks. At the Federal Reserve Banks the principal change between December 20 and January 24 was a reduction of $230,000,000 in federal Reserve Note circulation caused by the seasonal decline in currency requirements. Reserves increased $65,000,000 while earning assets declined $17,000,000. The changes are similar to developments during the same period a year ago although the decline in earning assets are less than last year. T H E M O N T H L Y B U S LS T E S S R E V IE W 2 SIXTH DISTRICT:SUMMARY Business conditions in the states comprising the Sixth Federal Reserve District have continued to show evidence of improvement through December, and the beginning of the new year has brought a steady increase in confidence and faith in the future which has been growing throughout the year just ended. Fundamental business conditions in the District are sound, and there are no known influences at present in evi dence which are likely to cause adverse developments. In all parts of the District labor is well employed. Building and construction programs, including highway work, have gone steadily forward, and projects already arranged for will keep a large amount of labor employed for months to come. Retail and wholesale trade both show increases in volume compared with corresponding periods a year ago, and retail and wholesale merchants alike report that the outlook for the year is for business in a volume which will come nearer to being normal than at any time since the beginning of the World War. The transportation situation has shown improvement following the holidays, but is not yet satisfactory. Lumber shipments have been more satisfactory during the latter part of December, and lumber manufacturers report con ditions in that industry considerably improved. Manu facturing has shown a tendency to slacken during the holi day season, which is not unusual, but increased output is reported in comparison with the same period in 1921. The reports received from member banks in various parts of the District all point to improved conditions in agricul ture, and the larger money return received by the farmers for their crops during the fall has been the most important factor in bringing about improvement in the financial situa tion in the District. Savings deposits continue to show in creases, at the end of December being more than 12 per cent greater than at the same date in 1921, while demand deposits are reported to be approximately 26 per cent greater. Debits to individual account in fifteen important cities of the Dis trict show that the volume of checks charged to individual accounts during the week ended January 10,1923, was more than 21 per cent greater than for the corresponding week last year. RETAIL TRADE The volume of retail trade during the month of December 1922 reported by thirty-six representative department stores in the Sixth Federal Reserve District, was almost 5 per cent greater than in the corresponding month a year ago. In creases were reported at Atlanta, Birmingham, Nashville, New Orleans, and Other Cities, while decreases occurred at T H E M O N T H L Y B U S IN E S S R E V IE W 3 Chattanooga, Jackson, and Savannah. Holiday business ber business was 3.1 per cent smaller than at the same time was reported good, but the mild weather during December a year ago, and 13.5 per cent smaller than on the last day of hampered the buying of winter clothing and other articles November. All of the cities shown in the statement re incident to cold weather. The outlook for business during ported decreased stocks on hand compared with November. the year, according to correspondent retail firms, is good. The relation of stocks on hand to the volume of sales for The cumulative volume of sales from July 1 through the the cumulative period July 1 to December 31 for the 36 re month of December was 1.3 per cent larger than during the porting stores was 424.0, showing a continued improvement same period in 1921, increases being reported at Atlanta, in the rate of turnover which was 2.2 times per year in Octo Birmingham, Nashville and Other Cities. ber, 2.4 times per year in November, and at the rate of 2.8 The volume of merchandise on hand at the close of Decem times per year in December. CONDITION OF RETAIL TRADE—DECEMBER 1922 Sixth Federal Reserve District Percentage of Increase or Decrease (1) (2) (4) (3) Comparison of net sales with those of corresponding peri od last year Atlanta (4)___ ___________ Birmingham (4) ..................... Chattanooga (4)_____ ____ _ Jackson (3)________ ______ Nashville ( 3 ) ..... ....... ............. New Orleans (5)........ ........... . Savannah (3)_____ _______ Other Cities (10)__________ District (36)_____ ________ United States____________ A December 1921 +12.2 +15.6 — 0.1 — 0.3 + 3.4 + 0.1 —10.8 +12.2 + 4.9 + 8.9 B July 1 to date + 5.9 +17.5 — 3.5 — 1.2 + 4.3 — 3.9 —18.4 + 3.1 + 1.3 + 6.6 Stocks at end of month compared with A B December November 1921 1922 + 1.9 —16.8 — 9.7 —24.9 — 0.0 —16.2 —25.0 — 3.2 — 3.6 —19.4 + 1.8 —21.0 —14.9 —14.0 —11.2 —15.2 — 3.1 —13.5 +15.9 + 1.0 Percentage of average stocks at end of each month, July to date, to average monthly sales over same period Percentage of out standing orders at end of December to total purchases dur ing calendar year 1921 474.6 361.9 697.5 451.2 367.3 420.4 563.0 459.1 428.4 348.4 4.8 5.6 BANK C R ED IT A L L FE D E R A L R E SE R V E BANKS MILLIONS OF DOLLARS BANK X x 6.4 10.0 1.9 4.8 7.0 7.3 C R E D IT 8 0 0 MEMBER BANKS IN LEADING CITIES BILLIONS OF DOLLARS 8HJ.I0NS OF DOLLARS 4 T H E M O N T H L Y B U S IN E S S R E V IE W WHOLESALE TRADE Business at wholesale in the Sixth Federal Reserve District during December has shown the tendency to slacken which is usual for the month. December is not a month in which large purchases are made by retailers, except as they need supplies to meet current demands, for the reason they do not desire to show large inventories of goods at the end of the year. The volume of sales reported by firms in seven lines showed decreases as compared with November, but some of them, especially dry goods and shoes, are due to seasonal influences, and the declines in hardware and drugs are very small. Six farm implement firms reported sales in December greater by 39 per cent than during the preceding month. All of the eight lines of wholesale trade reporting to the Review show increases in December 1922 sales over the vol ume for the corresponding month a year ago, ranging from an increase of 1.7 per cent in shoes to 44.7 per cent in sta tionery, 41.5 per cent in dry goods, and 41.3 per cent in farm implements. The following figures show percentage comparisons of sales reported by representative firms for December 1922f with sales by the same firms during November 1922 and December 1921: Wholesale Trade December 1922 compared w ith: Nov. 1922 Dec. 1921 +10.4% Groceries (35 reports).......................... — 7.4% Dry Goods (22 reports)........................ —34.6% +41.5% Hardware (22 reports).......................... — 0.4% +27.6% +30.4% ►Furniture (14 reports)......................... —11.0% Shoes (11 reports)................................. —30.8% +1.7% Stationery (4 reports).............. ........... —22.8% +44.7% -Drugs (5 reports).................................. — 2.4% +12.8% Farm Implements (6 reports).............. +39.0% +41.3% Groceries While the aggregate of sales reported by 35 wholesale gro cery firms for December was less than for November, the de crease was only 7.4 per cent, and is not unusual for the month of December. Business in December 1922 was, more over, 10.4 per cent greater than during the same month in 1921, increases being shown at all reporting points except at New Orleans where a small decrease took place. The re ports generally are optimistic in regard to business for the new year, and state that the outlook is satisfactory* There have been some advances in prices on some goods during the past month. Some wholesalers who report large stocks on hand state that this is due to the fact their orders were delayed for several months of the summer and fall, because of the transportation situation, and that as a consequence they received larger shipments of goods in November and December than they had expected. The following figures show comparisons of sales reported by 35 firms for December, with sales by the same firms in November and in December 1921: December 1922 compared with Groceries Nov. 1922 Dec. 1921 Jacksonville (5 reports)........................ — 0.4% +24.4% New Orleans (10 reports)..................... —12.0% — 1.7% Meridian (3 reports).............................. Vicksburg (4 reports)........................... Other Cities (13 reports)...................... District (35 reports)......... .................... — 6.0% — 8.9% — 5.1% — 7.4% +20.5% + 4.7% + 2 2 .8 % +10.4% Dry Goods Reports made to the Review for December by 22 wholesale dry goods firms show a considerably smaller volume of sales during December than in the preceding month, but the de crease is due to seasonal influences. Spring buying has not opened up to any appreciable extent, and while retailers bought during themonth f or their current requirements,little forward buying was done, andinventorieswerekeptaslowas possible. The reports indicate that while some orders are being placed for spring delivery, caution is being exercised and there appears no indication of any buying for specula tive purposes. There have been some advances in prices during the month. December 1922 sales reported by these 22 firms averaged 41.5 per cent greater than in December 1921, the largest increase being at Atlanta, where four firms report business 77.7 per cent greater than in December a year ago. The following figures show percentage comparisons of business in December, with the preceding month and the corresponding month a year ago: December 1922 compared with Dry Goods Nov. 1922 Dec. 1921 Atlanta (4 reports)..................... ------- —33.6% +77.7% +23.7% Knoxville (3 reports).................. ____ —38.8% Nashville (3 reports)....... ........... ........... —42.5% +42.8% +44.5% Other Cities (12 reports)........... ........... —27.4% +41.5% District (22 reports)_________ ........... —34.6% Hardware Reports made to the Review by 22 wholesale hardware mer chants for December show a decrease in total volume of sales of less than one-half of one per cent, compared with Novem ber, and indicate that while caution is still being exercised by both wholesalers and retailers, more buying is being done on a more liberal basis than has been the case during the past year, and that retailers are beginning to buy conserva tively for their spring requirements. December 1922 busi ness reported by these 22 firms was 27.6 per cent greater than in December 1921. Collections are reported to be im proving, and there have been some advances in prices. The following figures show comparisons of sales reported for December 1922, with November, and with December 1921: December 1922 compared with Hardware Nov. 1922 Dec. 1921 Atlanta (3 reports)................................ — 3.9% +36.9% Jacksonville (3 reports)........................ — 1.0% — 4.5% +50.2% Nashville (3 reports)............................. + 0. 4 % New Orleans (4 reports)...................... —11.6% +23.9% Other Cities (9 reports)........................ + 0.1% +22.4% District (22 reports)................ ............. — 0.4% +27.6% T H E M O N T H L Y B U S IN E S S R E V IE W Furniture Sales during December by wholesale furniture concerns were smaller in volume than during November, but a little more than 30 per cent greater than in December a year ago. Correspondent firms state that their customers have bought during December only for immediate requirements, due to the annual inventory, but that there is some indication of a more liberal policy regarding buying ahead. Advances in the cost of raw materials have made necessary some increase in prices, especially of those articles containing glass. Most of the reporting firms state that collections are good. Comparisons of December business, by cities, with sales during November, and in December 1921, are shown in the following table: December 1922 compared with Furniture Nov. 1922 Dec. 1921 +53.2% Atlanta (5 reports)_______________ — 1.0% Other Cities (9 reports)___________ —13.8% +24.4% District (14 reports)......... .................... —11.0% +30.4% Shoes Aggregate sales during December by 11 wholesale shoe firms reporting to the Review were substantially less than in November, but showed an increase of 1.7 per cent over sales during December 1921. Prices are reported to be fairly steady. Some firms state that future orders are holding up well, with very little tendency on the part of retailers to re vise or cancel. Some small advances in prices have taken place during the past month or two. The following figures show comparisons of December business with November, and with December 1921. December 1922 compared with Shoes Nov. 1922 Dec. 1921 Knoxville (3 reports)--------------------- —45.2% +20.9% Other Cities (8 reports)___________ —25.4% — 2.5% District (11 reports)______________ —30.8% + 1.7% District averages for the other three lines of wholesale trade are shown in the first table. Stationery and drugs both registered declines compared with November, but the increase in sales by six farm implement firms is noticeable. All three lines reported increases over December a year ago. Reports from these firms are optimistic in regard to the out look, and state that collections are good. AGRICULTURE Statistics compiled by the Bureau of Agricultural Eco nomics during the past month have been devoted princi pally to a comparison of the values of the various farm crops produced in 1922 with the value of the preceding crops. Sub stantially larger returns have been received for the princi pal crops produced in this District. The dominant factor in this increase has been the better prices for farm products which have prevailed during the fall, compared with prices at the same period a year earlier, and in some instances, to increased volume of production. 5 In Alabama^the^aggregate value~bf crop production for the 1922 season is estimated to be $266,741,000, compared with a total value of $181,446,000 for the crops of 1921. The actual cultivated acreage in 1922 was 8,615,000, and that for 1921 was 7,877,000. With a very slight increase in acreage planted, and no marked increase in production, except of citrus fruits, the principal field crops and fruits in Florida have a farm value of $60,650,000 in 1922, compared with $46,019,000 a year ago. The heaviest increase over last year, both in production and value to the growers, is in citrus fruits, which from present indications will be fully 15,000,000 boxes against 13,300,000 boxes last season with an estimated value of approximately $32,000,000, compared with $22,375,000 last season. From a production standpoint, the grain crops, corn, oats, peanuts, rice and sugar cane and tobacco are short of last year, while cotton, white potatoes and the hay crops show heavy in creases both in acreage and production. Farm crops produced in Georgia in 1922 are estimated to be worth approximately $211,609,000, an increase of about $34,000,000 over the value of production in 1921. Consider ably more than $20,000,000 of this increase is due to the cot ton crop, which although smaller than that of last year, has brought substantially greater returns. The corn crop is responsible for an increase of about $8,000,000, and hay of approximately $2,000,000, while the Georgia peach crop of 1922 was valued at more than $3,300,000 less than that of 1921. The total value of the principal field crops in Louisiana, including sugar cane, is estimated at $126,821,500, an increase of $29,302,500, or 30 per cent over the value of $97,519,000 placed on the crops raised in 1921. The cotton crop ranks first in farm value, showing an increase of approximately $22,000,000 over that of 1921. The value of the cane crop to the producers on the plantations where grown is estimated for 1922 to be $21,277,000 compared with $17,245,672 for 1921. This crop ranks third in point of greatest farm value, the corn crop exceeding it by more than $2,000,000. The amount of cane crushed for sugar in 1922 was 3,342,000 tons, com pared with 4,180,780 tons in 1921, and the production of sugar in 1922 was 482,752,000 pounds, compared with 648,861,430 pounds produced in 1921. Agricultural production in Mississippi in 1922 is estimated to be valued at $226,308,000, an increase of more than $80,000000 over the value of 1921 crops. The money value of the state's cotton crop is more than that of all other crops com bined, and the greater part of the increase over last year is due to cotton. Approximately 200,000 bales more were pro duced in 1922 than in 1921, and the money return is stated to be $116,447,000, compared with $67,480,000 last year. The corn crop is smaller than last year, but is worth nearly twelve million dollars more because of increased prices, and the va7 of the hay crop is estimated to be about one million ue dollars more than the value of the 1921 crop. A report issued by the Field Agent in Tennessee states that the wheat acreage in Tennessee this fall has reached the lowest ebb since the Civil War. The estimated acreage is 452,600,000 acres compared with 492,000 acres in the fall of 1921. 6 T H E M O N T H L Y B U S IN E S S R E V IE W The drought that prevailed over the state at seeding time prevented land preparation. Germination and growth were slow in the dry lands, there has been some Hessian Fly damage, and the crop is not up to average condition. The condition on December 1 was 83 per cent, compared with 93 per cent last year, and an average of 88 per cent or normal. CITRUS FRUIT Although Florida experienced a serious drought last spring, immediately following the spring bloom, indications are that the commercial movement of fruit this season will exceed that of any other year. Total shipments in carload lots from Florida for the season through December 31st are reported higher for both oranges and grapefruit than for the same period in 1921, and with conditions continuing to improve, the season’s total movement promises to be con siderably larger than that of last year. There has, however, been too little cool weather, and too much rain for an ideal shipping season. The shipment to January first of approxi mately 15,000 cars, containing an average of 360 boxes to the car, would equal 5,400,000 boxes of fruit that have gone into the various markets. The following figures show the total of car lot shipments of fruits and vegetables from Florida during December, and for the season to date, compared with corresponding periods last year: Season totals to December December 31 1922 1921 1922 1921 5470 Oranges.......................... 5487 9288 8158 Grapefruit...................... 1613 1344 5626 5091 0 Cucumbers____ ______ 0 5 0 Pineapples..... ................. 2 0 4 2 Lettuce.......... ................ 8 481 124 504 10 0 12 Beans............................... 0 Cabbage_____________ 15 13 15 13 48 26 67 Peppers........................... 40 45 31 45 31 Tomatoes____ _______ 1 Celery_____ _________ 0 1 0 COTTON MOVEMENT—DECEMBER 1922 Sixth Federal Reserve District RECEIPTS—PORTS: Dec. 1922 NOV. 1922 Dec. 1921 New Orleans_______ 176,564 266,811 128,783 Mobile.......................... 10,309 17,130 8,866 Savannah_______ ... 22,090 40,329 58,836 INTERIOR TOWNS Atlanta........................ 33,543 60,787 30,980 Augusta....................... 34,023 50,057 37,953 Meridian...................... 1,541 5,300 2,629 Montgomery....... ........ 2,338 7,798 1,680 21,214 Vicksburg........ .......... 18,880 23,428 SHIPMENTS—PORTS: New Orleans____ . . . . 220,575 252,767 217,714 M obile.............. ......... 22,373 14,154 8,257 31,573 45,577 Savannah__________ 68,119 INTERIOR TOWNS: Meridian___ Montgomery. 30,754 18,989 1,891 5,629 14,388 37,231 29,009 6,513 7,539 11,033 20,418 26,877 1,915 1,838 16,926 237,025 8,517 72,289 281,036 20,905 81,772 376,820 16,802 167,444 86,135 72,982 9,669 18,254 9,782 83,346 77,473 11,019 21,545 10,803 61,732 145,330 18,621 31,824 13,714 STOCKS—PORTS: Mobile. INTERIOR TOWNS: Meridian. Vicksburg.. COTTON MOVEMENT (Bales) UNITED STATES Aug. 1 to Jan. 5th 1923 1922 1921 1920 Movement at U. S. Ports....................... 4,136,119 3,698,803 3,605,248 4,026,347 Overland to Northern Mills and Canada.. 759,230 956,994 542,972 881,160 Interior Stock______ 746,786 298,485 720,751 424,904 Southern Mill takings 2,520,000 2,325,575 1,662,334 2,414,167 Movement for 158 days 8,162,135 7,279,862 6,531,305 7,746,787 Foreign exports......... 2,823,485 3,061,316 Supply to date______ 8,924,339 9,591,558 SUGAR The total receipts of raw foreign sugar received at the port of New Orleans during 1922 was larger than for either of the two preceding years, as indicated by the following figures: (Bags) Received from Total Cuba Receipts 3,965,058 4,181,853 1922....... ........... - ____ 192 1 1,844,788 2,651,072 1920......................... 2,775,427 3,476,269 Reports indicate that cane growers in Louisiana are mak ing preparations to plant a larger acreage in cane next year, owing to the satisfactory yields and prices during the past season. While the total production of sugar in 1922 was considerably less than in 1921, being estimated at 241,376 tons, compared with 324,431 tons in 1921, planters received approximately 5.40 cents per pound for their raw sugar in 1922 compared with approximately 3.75 cents per pound the preceding season. MOVEMENT OF SUGAR—DECEMBER 1922 Raw Sugar—Pounds RECEIPTS: Dec. 1922 Nov. 1922 94,269,838 115,201,918 New Orleans_ _ 7,391,594 0 Savannah_____ Dec. 1921 49,643,613 9,341,112 T H E M O N T H L Y B U S IN E S S R E V IE W MELTINGS: New Orleans_ _ Savannah_____ 111,470,797 0 46 ,535,171 341,112 16,913,248 34,114,207 r,076,738 0 STOCKS: New Orleans._ Savannah___ 104,731,788 8,009,326 0 0 Receipts of Rough Rice (Barrels) Total this Total last Season to Season to Dec. 1922 Dec. 31, 1922 Dec. 31, 1921 4,054,909 Association Mills__ 834,571 2,918,082 879,510 New Orleans Mills... 136,372 839,856 Outside Mills_____ 301,472 1,389,653 933,559 Refined Sugar—Pounds 1,272,415 SHIPMENTS: New Orleans_ _ Savannah_____ 77,603,074 12,014,960 91,462,129 17,370,476 44 ,597,405 11 ,552,403 STOCKS: New Orleans_ _ Savannah_____ 49,953,013 3,000,258 17,362,021 15,015,218 25 ,882,084 1 ,193,893 According to statistics compiled by the Bureau of Agricul tural Economics, Louisiana in 1922 produced 47.6 per cent of the nation’s rice crop; California 19.6 per cen t; Arkansas 17.6 per cent, and Texas 14.2 per cent. Louisiana heads the list in acreage in 1922 with 555,000 acres, followed by Texas with 191,000 acres, Arkansas with 154,000 acres, California with 140,000 acres, South Carolina with 8,000 acres, Georgia 3,000 acres, Florida 3,000 acres, and Mississippi 1,000 acres. The acreage yield was highest in California, where 59 bushels were pro duced per acre, Arkansas is second with 48 bushels per acre, and Louisiana third with 36 bushels per acre. The follow ing table shows the acreage and total production for the 1922 season compared with the 1921 season: 1922 1921 Acreage Total Acreage Total Production Production 555,000 19,980,000 480,000 17,280,000 191,000 5,959,000 166,000 5,993,000 154,000 7,392,000 125,000 6,688,000 140,000 8,260,000 135,000 7,290,000 8,000 208,000 7,000 175,000 3,000 72,000 3,000 78,000 3,000 75,000 4,000 88,000 1,000 19,000 1,000 20,000 United States___ 1,055,000 41,965,000 921,000 37,612,000 Receipts, shipments and stocks of rice at New Orleans for December, compared with the preceding month and with the corresponding month a year ago are shown in the following statement: Rough Rice (Sacks) Port of New Orleans Dec. 1922 Nov. 1922 Dec. 1921 Receipts-------------136,372 194,110 193,487 Shipments-----------149,371 173,291 159,648 Stocks----------------43,668 56,667 69,664 Clean Rice (Pockets) Port of New Orleans Dec. 1922 Nov. 1922 Dec. 1921 Receipts,.. ........ . _ 487,812 462,009 315,233 Shipments........ _ 417,324 436,506 227,821 S tock.,............ 198,251 127,763 171,450 6,324,072 4,691,497 Distribution of Milled Rice (Pockets) Association Mills__ New Orleans Mills... Outside Mills_____ RICE Louisiana______ Texas.................... Arkansas____. . . . California______ South Carolina.__ Georgia--------- . . . Florida-------------Mississippi--------- 7 Dec. 1922 634,553 98,119 207,647 940,319 Total this Total last Season to Season to Dec. 31, 1922 Dec. 31, 1921 3,032,580 2,503,777 998,474 804,529 931,524 729,724 4,962,578 4,038,030 Jan. 1, 1922 760,823 214,251 283,380 2,325,937 Association Mills.. New Orleans Mills.. Outside M ills.-..-. Stocks Jan. 1,, 1923 1,556,902 237,574 531,461 1,258,454 COTTON GINNED Cotton ginned prior to January 1 amounted to 9,598,907 running bales, including 165,281 round bales, counted as half bales; 28,498 bales of American-Egyptian and 5,065 bales of sea island, the Census Bureau announced today. To January 1, last year, ginnings totalled 7,882,365 running bales, including 123,348 round bales, counted as half bales, 30,240 bales of American-Egyptian, and 3,106 bales of sea island. Ginnings to January 1, by states, follow: 1923 1922 1921 1920 Alabama________ 816,236 584,018 632,300 680,265 Arizona________ 36,692 35,441 77,562 47,202 Arkansas.. ____ 999,202 781,867 995,775 716,366 California______ 23,611 23,229 47,119 41,154 Florida_________ 27,311 12,094 18,224 17,027 Georgia________ 730,539 817,176 1,365,314 1,636,692 Louisiana_______ 343,812 281,774 369,982 290,190 Mississippi........... 980,944 811,885 821,382 822,025 Missouri............ 134,487 67,922 55,139 48,282 North Carolina. 851,369 783,528 754,080 787,165 Oklahoma. ............ 632,356 476,343 966,695 787,114 South Carolina. 508,021 770,632 1,454,644 1,400,337 Tennessee............ 378,890 295,209 361,412 240,676 Texas__________ 3,092,458 2,116,619 3,747,580 2,469,373 Virginia________ 25,728 16,102 13,752 21,050 All other states. 17,201 8,517 9,688 4,002 TOTAL.. ...... 9,598,907 7,882,356 11,554,648 10,008,920 T H E M O N T H L Y B U S IN E S S R E V IE W 8 TREND OF FARM PRICES The level of prices paid producers of the United States for the principal crops increased about 5.4 per cent during No vember ; in the last 10 years the price level decreased about 3.0 per cent during November. On December 1 the index figures of prices was about 24.4 per cent higher than a year ago, 9.4 per cent lower than two years ago, and 14.8 per cent lower than the average of the past 10 years on December 1. The prices of meat animals—hogs, cattle and sheep—to producers of the United States decreased 5.0 per cent from October 15 to November 15; in the past 10 years prices de creased in like period 4.7 per cent. On November 15 the index figure of prices for these meat animals was about 13.7 per cent higher than a year ago, 28.9 per cent lower than two years ago, and 17.6 per cent lower than the average of the past 10 years on November 15. SOUTHEASTERN WATERMELON CROP During the past season every state except Nevada received some shipments of southeastern watermelons. From May 23 to August 7 total movement from the Southeast filled about 29,525 cars, as follows: Florida 10,000 cars, Georgia 12,900, Alabama 1,550, South Carolina 4,475 and North Carolina about 600 cars. A record of the final destinations of 26,342 cars, or approxi mately 90 per cent of the total shipments of these States during the period under consideration, shows that New York State took 4,109 cars, Pennsylvania 2,845, Ohio 2,670, Georgia 2,281, Illinois 2,116, Maryland 1,278, Massachusetts 1,096, and Florida 1,069 cars. On the basis of geographic sections the Middle Atlantic States received about 34 per cent of the shipments, the South 27 per cent, East North Central States 25 per cent, New England 7 per cent, West North Central States 6 per cent, and Canadian points about 1 per cent. FINANCIAL Continued improvement In the financial situation in the Sixth Federal Reserve District is indicated in reports re ceived from member banks in various parts of the District for December. The increased money returns from agricul tural production during the past season has resulted in sub stantial improvement in the financial condition of the farm ing sections, except in those localities where the cotton crop was almost a failure. Available statistics show that there has been a fairly steady increase in demand deposits, and savings deposits now show a substantial increase over those held by the banks at this time last year. Reports made weekly to the Federal Reserve Banks by forty representative member banks in selected cities of the District show the total of loans and discounts on January 3 to be $406,010,000, an increase of almost 4 per cent over the figure for December 6, and an increase of 7.1 per cent over the total for January 4, 1922. Loans secured by Government Obligations rose 6.4 per cent during the month, to $8,075,000 on January 3, but on that date were 53.7 per cent less than on January 4, last year. The total of all loans, discounts and investments of these forty banks on January 3, 1923, was $485,079,000, an increase of 3.5 per cent over the figure for December 6, and 8.3 per cent greater than on January 4, 1922. Demand deposits rose 3.9 per cent from December 6 to January 3, when these forty banks reported $284,412,000, and were 26.2 per cent greater than the total of $225,444,000 on January 4, 1922. The volume of bills on hand with the Federal Reserve Bank of Atlanta on January 10, 1923 was $32,397,949, a de crease of 23 per cent compared with the total on December 13, and a decline of 62.2 per cent in comparison with the total of $85,722,007 on January 10, a year ago. The volume of Federal Reserve Notes in actual circulation, while smaller by 1.2 per cent on January 10, than on Decem ber 13, was larger by 5.1 per cent than on January 10,1922. The following figures show aggregate amounts of savings deposits, classified by states, reported for December by banks in the Sixth District, showing comparisons with the preceding month and with the corresponding month a year ago: SAVINGS DEPOSITS—DECEMBER 1922 Alabama (11 banks)..................................... . ........ $ Florida (15 banks)................. ................................ Georgia (25 banks)............... ................................. Louisiana (10 banks)................. .......................... Mississippi (9 banks)....... ..............................— Tennessee (II banks).*..-.................................... TOTAL (81 banks),,...................................... Comparison of Comparison cf Dec. 31-Nov. 30 Dec. 31, 1922Dec. 31, 1922 Nov. 30, 1922 1922 Dec. 31, 1921 1921 29,769,454 $ 28,765,428 +3.5% $ 27,856,605 + 6.9% 29,066,819 28,199,404 +3.1% 23,877,219 +21.7% 48,168,823 46,388,826 +3.8% 38,430,974 +25,3% 36,148,243 35,962,994 +0.5% 36,075,614 + 0.2% 8,481,733 8,161,411 +3.9% 7,676,839 +10.5% 21,719,784 20,947,789 +3.7% 20,400,758 + 6.5% 173,354,856 168,425,852 +2.9% 154,318,009 +12.3% T H E M O N T H L Y B U S IN E S S R E V IE W DEBITS TO INDIVIDUAL ACCOUNTS Sixth Federal Reserve District Week Ended Jan. 10,1923 Jan. 3,1923 Jan. 11,1922 Albany, Ga----------- $ 1,380,000 $ 1,41 1 ,0 0 0 $ .................. Atlanta, Ga................. 32,014,000 3 4,218,000 26,613,000 Augusta, Ga................ 7 ,762,000 7 ,305,000 7 ,329,000 Birmingham, Ala— 27,735,000 2 6,230,000 18,408,000 Brunswick, Ga...........782,000 845,000............................................. Chattanooga, Tenn. 10,518,000 9 ,4 2 6 ,0 0 0 9,455,000 Columbus, Ga............ 3,20 4 ,0 0 0 3 ,3 1 6 ,0 0 0 ........................................ Cordele, G a... ............ 411,000 459,000............................................. 1 ,0 8 0 ,0 0 0 ........................................... Dothan, Ala................. 732,000 Elberton, G a... ..........388,000 3 5 4 ,0 0 0 ........................................... Jackson, Miss______ 3,57 5 ,0 0 0 2 ,8 6 2 ,0 0 0 ........................................ Jacksonville, F la ... . 13,312,000 13,172,000 11,843,000 Knoxville, Tenn ____ 8,47 3 ,0 0 0 7 ,946,000 6 ,759,000 Macon, Ga--------------4 ,702,000 5,4 2 5 ,0 0 0 3,900,000 Meridian, Miss....... . . . 2,2 8 9 ,0 0 0 1 ,7 2 1 ,0 0 0 ...................................... Mobile, Ala.__............. 8,621 ,0 0 0 7,71 2 ,0 0 0 6,510,000 Montgomery, Ala.... 5,62 2 ,0 0 0 5,6 2 7 ,0 0 0 3,88 7 ,0 0 0 Nashville, Tenn ____ 21,124,000 19,185,000 13,535,000 Newnan, Ga.__........... 526,000 646,000........................................ New Orleans, La.. . . 78,417,000 81,791,000 70,276,000 Pensacola, Fla______ 1,762,000 1,824,000 1,492,000 Savannah, Ga______ 10,566,000 12,890,000 9,944,000 Tampa, Fla................... 7,727,000 6 ,930,000 6,447,000 Valdosta, Ga............... 1,435,000 1 ,4 1 1 ,0 0 0 ........................................ Vicksburg, Miss......... 2 ,148,000 2 ,0 6 5 ,0 0 0 1,844,000 Total (15 C ities)..$240,503,000 $241,746,000 $198,242,000 Total (25 Cities). . 255,225,000 255,851,000....................... COMMERCIAL FAILURES Commercial failures during the month of December, com piled by R. G. Dun & Company, show substantial reductions, both in number and in total of liabilities, as compared with those of the corresponding month a year ago, in the United States at large and in the Sixth Federal Reserve District. Figures for the month of December for the United States show that 4.4 per cent more failures occurred than in No vember, and the total of liabilities was 29.3 per cent larger, but December 1922 failures were 25.8 per cent smaller in num ber, and 40.5 per cent smaller in total liabilities, than during December 1921. The number of failures in December was larger than in November in five Federal Reserve Districts and smaller in seven Districts, while liabilities in December were larger than in November in seven districts, and smaller in five. Comparing December 1922 with the same month in 1921, the number of failures was larger in only one district, while the total liabilities were larger in four districts. In the Sixth Federal Reserve District, 109 concerns failed in December, compared with 122 in November, and 190 in De cember 1921. Liabilities totaled $1,576,368, compared with $1,928,165 in November, and with $6,066,401 in December 1921. 9 Sixth District No. Liabilities 109 $1,576,358 122 1,928,165 190 6,066,401 Dec. 1922................ Nov. 1922................ Dec. 1921................ Comparison of Dec.-Nov. 1922............... — 1.1% —18.2% Comparison of Dec. 1922-1921................—42.6% —74.0% United States No. Liabilities 1814 $52 *069,021 1737 40,265,297 2444 87,502,382 +4 . 4% +29.3% —25.8% —40.5% ACCEPTANCES Only four banks in the Sixth Federal Reserve District re ported the execution of domestic acceptances during the month of December, the aggregate being $4,175,550, com pared with $4,200,120 in November, and with $2,683,100 in De cember a year ago. Foreign acceptances were executed in December by five banks, totaling $7,434,691, compared with $6,654,829 in November, and with $4,757,045 in December 1921. Only one bank reported the purchase of foreign accept ances during December, and only three banks reported do mestic acceptances bought. The total of acceptances purchased in the open market and re-discounted for member banks by the Federal Reserve Bank of Atlanta during December was $7,639,318.64, compared with $3,646,764.42, in November, and with $3,576,501.00 in De cember 1921. OCTOBER IMPORTS—UNITED STATES The compilation of the provisional figures of imports by the Department of Commerce, which has been unduly de layed on account of the new tariff classification and the in crease in the number of items, has now been completed and made public by the Department. The total value of imports for the period from September 22, when the new tariff took effect, to November 1, was $388,000,000, of which approxi mately $69,000,000 would be credited to the last nine days of September under the new tariff, making the net value for October $319,000,000, as compared with about $298,000,000 for the full month of September, and $188,000,000 for October 1921. This total for October is higher than for any month since November 1920, when the value of imports was $321,209,055. The cumulative total value of imports for the ten months ending with October was $2,570,049,455, for 1922, com pared with $2,060,704,029 for 1921, showing an increase of $509,345,426. GRAIN EXPORTS—NEW ORLEANS Grain exports from New Orleans during December 1922 totaled 3,961,783 bushels, compared with 5,291,974 bushels during the corresponding month in 1921. This is a depar ture from the results of the past few months, as the 1922 ex ports have been exceeding those of 1921. Although the corn T H E M O N T H L Y B U S IN E S S R E V IE W 10 exports for December showed an increase over November 1922, there was a decrease of more than a million bushels compared with December 1921. Figures for the month, for the season to date, and for the calendar year compared with preceding periods are as follows: (In Bushels) Wheat Corn . . Oats Barley. __ Rye____ Dec. 1922 1,359,440 2,361,078 91,265 _______ 150,000 Total this Total last season to season to Dec. 1921 Dec. 31, 1922 Dec. 31, 1921 1,352,459 20,408,765 24,830,780 3,798,448 10,269,978 6,907,151 40,825 339,234 301,815 _______ 10,428 190,565 100,242 310,714 125,957 GRAIN EXPORTS FOR THE YEAR (Bushels) 1922 1921 1920 Wheat._____________ 27,419,795 55,903,904 49,589,787 28,222,232 13,757,818 1,244,282 Corn_______________ O ats.___ ___________ 595,314 598,315 906,960 Barley................... ........ 122,313 831,439 6,203,382 Rye.............. ......... ........ 1,637,585 1,079,227 237,857 PETROLEUM Louisiana’s petroleum production for November 1922 amounted to 2,528,000 barrels, which is 250,000 barrels less than its output for October 1922, but 600,000 barrels greater than production in November 1921. BUILDING PERMITS—DECEMBER 1922 Alabama: Anniston......... .................. ............. Birmingham...................... ............. Mobile................................. ______ Montgomery...................... ............. Florida: Jacksonville....................... ............. Miami................... .............. ______ Orlando........ .................... ............. Pensacola........................... ............. St. Petersburg................... ............ Tampa.......................... ...... ______ Georgia: Atlanta....... ....................... ............. Augusta______________ ............. Columbus............... ........... ______ Macon................................. ............. Savannah............................ ............. Louisiana: New Orleans...................... ............. Alexandria-........................ ............. Sixth Federal Reserve District Alterations and Repairs New Buildings No. Value No. Value Total Dec. 1922 Total Increase or Dec. 1921 Decrease 77 114 5 58 12,800 31,170 3,950 9,340 11 192 20 21 36,750 469,476 123,600 174,820 49,550 500,646 127,500 184,160 7,850 360,973 24,900 11,787 +531.2% + 38.7% +412.2% +1462.4% 173 69 32 30 16 96 49,034 14,700 21,354 8,140 6,000 33,565 48 135 72 9 134 75 485,700 266,100 502,800 4,620 264,300 357,725 535,734 280,800 524,154 12,760 270,300 391,290 343,629 657,700 131,896 60,212 339,450 182,553 + 55.9% — 55.6% +297.4% — 78.8% — 20.4% +114.3% 77 86 10 91 12 54,743 9,196 4,545 14,002 9,125 197 28 20 18 16 1,338,036 30,925 34,650 32,570 40,425 1,392,779 40,121 39,195 46,572 49,550 570,556 83,134 6,880 38,525 87,225 +144.1% — 51.7% +469.7% + 20.9% — 43.2% 36 24 55,800 43,217 150 15 528,275 31,405 584,075 74,622 664,700 32,239 — 12.1% +131.5% Mississippi: Jackson_______________ ............ Meridian _____________ Vicksburg........................... ............ (combined) 3,580 7 16,460 20,040 1^830 +995.1% Tennessee : Chattanooga..................... ............ Johnson City..................... ............. Knoxville______________ ______ Nashville........................... ______ 112 37,091 1 300 22,980 55 (combined) 20 9 65 301,800 5,300 247,920 338,891 5,600 270,900 400,228 233,835 24,800 173,332 143,365 + 44.9% - 77.4% + 56.3% +179.4% 8 239,500 LUMBER Improvement in the car supply is reported by lumber cor respondents in various parts of the District and has been reflected during December in gains in both orders and ship ments. Unfavorable weather in some sections has held back production, but except for the usual slowing down during the holidays, the month is stated to have been satis factory. T ie close of the year finds lumber manufacturers with unusually large files of orders on hand, and the large number of inquiries being received from the retailers indi cates continued activity in building. During Christmas week, of course, production, orders and shipments were all lower than for the preceding weeks, as a large number of mills only operated four full days. During the week ending December 15, 52 mills operated full time and 9 operated five days, while during the week ending December 22, 44 mills T H E M O N T H L Y B U S IN E S S R E V IE W operated full time and 10 operated five days. During this week the output was around 87 per cent of normal, and orders were more than 90 per cent of normal production, while for the week ended December 15, with production ap proximately the same, orders were more than 10 per cent above normal production. Reports for the month received from lumber correspondents are generally optimistic as to the outlook, and state that their business during the early part of January gives evidence of continued activity. Following are monthly figures reported to the Southern Pine Association showing a comparison of orders, produc tion, shipments, etc., for December, with similar figures for the preceding month and the corresponding month a year ago: Dec. 1922 Nov. 1922 Dec. 1921 (135 Mills) (137 Mills) (117 Mils) Orders______________ 345,678,445 334,389,422 228,412,667 Shipments..................... 341,676,349 344,284,735 248,346,779 Production................ . . 300,704,636 339,520,549 284,834,989 Normal production these mills................. 361,472,102 365,380,039 333,901,127 Stocks end of m onth,_ 920,222,499 994,956,237 797,433,127 Normal stocks these mills........................... 949,210,754 981,592,390 896,842,859 Unfilled orders end of month......................... 397,324,368 395,159,625 156,775,680 COTTON CONSUMPTION—DECEMBER 1922 Ootton Consumed: Lint............................ Linters.................... — On hand in consuming Establishments: Lint.............................. Linters......................... In Public Storage and at Compresses: Lint.................. ........... Linters........................ Dec. 1922 527,945 49,078 Nov. 1922 577,561 55,122 Dec. 1921 510,925 45,434 1,921,295 123,104 1,721,425 95,969 1,738,138 168,080 4,074,945 38,103 4,198,095 21,634 5,206,663 171,303 Exports: Lint...........................— 605,408 855,510 635,431 Linters......................2,445 2,827 4,394 Active Spindles............... 34,968,440 34,664,630 34,439,142 Cotton Growing States Dec. 1922 Nov. 1922 Dec. 1921 Ootton Consumed___ - - 324,437 363,813 304,756 On Hand in Consuming Establishments.............. 1,207,199'J', 1,107,826 921,727 In Public Storage and at Compresses................ 3,801,744 3,983,041 4,837,475 Active Spindles.................. 15,856,774 15,859,962 15,503,716 MANUFACTURING Cotton Cloth Reports made to the Review by representative cotton mills in the Sixth District reflect the somewhat more quiet con ditions obtaining in the cotton manufacturing industry 11 during the past few weeks, and although the output of 33 cotton cloth mills in December was slightly greater than in November, the volume of shipments for the month showed a small decrease, and orders on hand at the end of the month were 17.5 per cent smaller than at the end of November. It is not unusual, however, for production and orders to show some slowing up during December, due to the holiday and inventory season. Compared with the month of December 1921, however, production, shipments and orders on hand all showed substantial increases during the month just ended, and correspondents indicate in their reports that the outlook is distinctly encouraging. Demand is reported to be good, especially from the southern states, and from the central west, and increased demand for export to Central and South America is reported. Some of the reporting m ill?? have sold their output for three or four months ahead. The following statement shows comparisons of figures re ported for December 1922, with the preceding month and with December 1921: 1. 2. 3. 4. 5. 6. December 1922 compared with 33 Mills Nov. 1922 Dec. 1921 Cloth Production_____________ + 0.8% +13.3% Cloth shipments................. ........... +31.3% - 4.5% Orders on hand at end of month. -17.5% +52.9% Stocks of manufactured cloth on hand at end of month............ —39.2% - 9.5% Average time required to com plete orders on h an d ................... - 1.9% +41.2% Number employed............. ........... - 0.8% +14.1% Cotton Yarn Reports received from 28 representative mills manufactur ing cotton yarn show a reduction of 10 per cent in the vol ume of production during December compared with the pre ceding month, which is reported by correspondent mills to be due principally to the holiday and inventory period. Shipments were also smaller than in November, but orders on hand at the end of the month showed a small increase. Compared with the same month a year ago, however, Decem ber shipments were 18.5 per cent larger, and orders on hand were greater by 113.6 per cent. Correspondent mills state that notwithstanding the re duction in production and shipments, demand is still firm and prices are showing a tendency to advance, due to the increased cost of raw cotton. The reports state that the outlook for the first half of the year is good, and some of the mills state they have sold their output for the first six months. The following table shows comparisons of figures reported for December, with November and with December 1921: December 1922 compared with 28 Mills Nov. 1922 Dec. 1921 —10.0% 1. Yarn production............. .............. — 4.5% —14.3% 2. Yarn shipments............................. +18.5% 3. Orders on hand at end of month. +113.6% + 1 .0% 4. Stocks of manufactured yarn oh hand at end of month.............. —25.0% —■9.3% 5. Average time required to com + 0.7% plete orders on hand.................... +53,8% 6. Number e m p lo y e d .___ ______ + 3 6 .9 % - 0.2% 12 T H E M O N T H L Y B U S IN E S S R E V IE W Cotton Hosiery Due to the holidays, and to the annual inventory period, declines were registered in the volume of production, orders and shipments of cotton hosiery during December. Reports were made to the Review for December by sixteen cotton hosiery mills whose output for the month was 315,208 dozen pairs. For November nineteen mills reported 437,837 dozen pairs manufactured. For those mills reporting comparative figures for Decem ber, November, and December 1921, a decline of 13 per cent was shown in the output in December compared with No vember, but an increase of 14 per cent over the December 1921 production. Orders booked during December also showed a substantial decline in comparison with the pre ceding month, but were considerably in excess of those for the same month a year ago. Shipments and unfilled orders also showed decreases compared with November, but were larger than for December 1921. Comments contained in the reports made to the Review are optimistic in every instance, and indicate that a falling off is not unusual in December in this, as in other lines. The increased strength in the price of raw cotton is reflectn ed in a similar tendency in hosiery, and correspondent mills state that the outlook for the first half of 1923 is good. Some of the mills are sold up for three or four months, and other reports state that jobbers* stocks are low and will soon need replenishing. The following figures show percentage comparisons of figures reported for December with those for November and for December 1921. 1. 2. 3. 4. 5. 6. December 1922 compared with Nov. 1922 Dec. 1921 15 Mills -13.0% Hosiery manufactured_________ +14.0% -27.7% Hosiery on hand at end of month. —46.7% -37.2% Orders booked during month .. +75.5% Cancellations received during -58.4% m on th ..-......... ...... ......................... -50.5% —16.0% Shipments during month............ +12.7% Unfilled orders on hand at end of month.............................. ......... . +50.6% - 1-9% Overalls Reports were made to the Review for December by six over all factories in which production during the month was somewhat less than in November, but larger by more than 5 per cent than in December 1921. Stocks of overalls on hand at the end of December were substantially larger than at the end of November, and 12.5 per cent in excess of stocks on December 31, 1921. Orders booked during the month, however, registered a decline, as did also the volume of un filled orders on hand at the end of the month, although both of these items were larger than at the same time a year ago. Correspondents report that conditions in the industry are improving, that demand is good, and labor conditions are satisfactory, with little change in wages. Prices are re ported to have a tendency to advance. The following figures show comparisons of items reported for December with the preceding month and the correspond ing month a year ago: December 1922 compared with Nov. 1922 Dec. 1921 1. Overalls manufactured............. — 9.1% + 5.4% 2. Overalls on hand at end of month..................................... ........ +56.9% +12.5% 3. Orders booked during month___ -43.2% +12.5% 4. Unfilled orders on hand at end —41.8% of month........ -_______________ +28.0% 5. Number employed_____________ + 9.7% - 1-0% Brick Five reports were made to the Review by brick manufactur ing companies for December, and of this number one has been closed down for several months, while two others were closed for part of the month effecting some repairs. This condition, taken with the holiday and inventory season, ex plains the reduction in output of 52.6 per cent, in compari son with the preceding month. December output was also smaller than during the same month a year ago, and orders received during the month were also smaller than in Decem ber 1921, although larger than during November 1922. Un filled orders on hand were substantially larger than at the end of November, and correspondents state that inquiries are being received in a volume which indicates a satisfactory outlook for the spring months. Comparisons reported to the Review for December follow: December 1922 compared with Nov. 1922 Dec. 1921 1. Brick manufactured------------ --------- —52.6% — 28.3% 2. Brick on hand at end of month. __ — 2.6% — 38.3% 3. Orders booked during month___ _ + 3 . 3 % _ —26.8% 4. Unfilled orders on hand at end of month______________________ + 3 9 .1 % _ x 5. Number employed-------------------- ---- — 41.5% +8.5% EMPLOYMENT Employment conditions in the Sixth Federal Reserve Dis trict continue to improve, according to reports made to the United States Employment Service. Favorable conditions are reported from practically all parts of the District, the only exceptions being Key West, Florida, where a number of cigar factories have cut their forces, and in some parts of Mississippi and Louisiana where the shortage of railroad cars still seriously hampers lumber production and ship ment. The employment situation in Georgia continues to im prove. Large increases are reported in forces of textile mills, and some additions to forces have been made in iron and steel, food and kindred products, vehicles, and miscel laneous industries, while lumber is maintaining a steady volume of employment. Satisfactory conditions are re ported from various parts of the state, with the exception that some cotton oil mills have closed down because of ina bility to obtain cotton seed. 13 T H E M O N T H L Y B U S IN E S S B E Y I E W Florida reports indicate that employment conditions are generally satisfactory, so far as common labor is concerned. Migratory labor is said to be largely unemployed, although some of it has been absorbed in harvesting citrus fruit and vegetable crops. Most industrial plants throughout the state are operating. A decline in employment at Key West, however, has been caused by the cutting of forces in several cigar factories. The labor situation in Alabama is well balanced. Marked increases have taken place in forces of coal mines, lumber, paper and printing, building material manufacturers, food and kindred products, and miscellaneous industries. Iron and steel, and textiles, disclose a small decrease. The car supply has improved, but is still insufficient." There is a large amount of building in progress, and street and high way construction is employing large numbers of workers. In Louisiana the employment situation is stated to be fair, being hampered somewhat by seasonal curtailments, and the lumbering districts affected by car shortage. Textile products have made small additions to their forces, and em ployment in the oil districts is fair with refineries adding to the number employed. Railroad shops are virtually normal. Building construction continues with most craftsmen em ployed. The labor supply is somewhat greater than the de mand, due to seasonal transients. Steady employment is maintained in Mississippi. Textiles, paper and printing, and miscellaneous industries have in creased forces, while food and kindred products, and iron and steel, show slight reduction. Lumber continues to be hampered by car and labor shortage. Increased employ ment is indicated in reports from practically all parts of the state. In Tennessee the industrial situation is said to be well balanced. Considerable employment increases have been made in iron and steel and lumber, and slight increases in some other lines. Textiles, coal, mining, tobacco, leather, food and kindred products and miscellaneous industries have suffered slight decreases. Coal mines and lumber mills are badly hampered by the car shortage, but favorable weather conditions have permitted highway and building construction to continue. COAL Production of coal in the United States has been main tained in December at a level between 11,500,000 and 12,500,000 tons per week, having exceeded that figure only once during the month. The total production of bituminous and an thracite coal for the week of December 9 was 13,533,000 tons. Increasing transportation difficulties in some of the coal regions, and the holidays, are the principal causes for the lower production during the latter part of December in com parison with the output in November. The total output of bituminous coal in the country during the year 1922, according to statistics of the Geological Sur vey, was 407,712,000 tons, and was not substantially less than the production in 1921, although both of these years were considerably below the preceding three years. The follow ing statement shows the total output for the past five years: 191 8 579,386,000 tons 191 9 465,860,000 tons 192 0 568,667,000 tons ___________ 415,922,000 tons 192 1 192 2 _____________ 407,712,000 tons Weekly production figures published by the Geological Survey for December are shown in the following table: Total Week Ended Bituminous Anthracite Output December 2_______ 10,387,000 1,819,000 12,206,000 11,495,000 2,038,000 13,533,000 December 9_______ December 16______ 10,666,000 2,197,000 12,863,000 December 23______ 10,031,000 1,976,000 12,007,000 December 30______ 9,974,000 1,541,000 11,515,000 January 6 (estimated) 10,500,000 1,700,000 12,200,000 Production in Alabama during December is reported as 1,475,000 tons, compared with 1,550,000 during November, and with 1,047,000 produced during December 1921. The railroad situation continues to limit production, and the shortage of cars is still serious. IRON AND STEEL Production of coke and anthracite pig iron continued to show improvement during December, closing 1922 with an output of more than 3,000,000 tons, the highest rate since October 1920. December production was approximately 240,000 greater than in November, or an increase of about 4,700 tons a day. The total output for the month was 3,086,968 tons, compared with 2,846,110 during November, and with 1,642,775 tons produced in December a year ago. The num ber of furnaces in active operation in the United States registered an increase of 10, following an increase of 22 in November. Merchant iron produced in December amounted to 662,743 tons, a gain of 59,395 tons over November, and an average of 21,379 tons per day. Non-merchant iron produced during December was 2,424,225 tons, a gain of 181,463 tons over the total for November. Blast furnaces in active operation dur ing December numbered 250, an increase of 10 over the total at the end of November. Production in the Alabama district during December was 223,300 tons, compared with an output of 208,934 tons in No vember. This total is composed of 133,196 tons of merchant iron, and 90,104 tons of non-merchant iron. Furnaces in active operation in Alabama during December totaled 24, against 23 during November. Reports from correspondents in Alabama indicate a favorable outlook for the coming year, and state that a considerable portion of the probable make for the first quarter has already been sold and that inqui ries are increasing. Only 11 furnaces were active at the be- 14 T H E M O N T H L Y B U S IN E S S R E V IE W ginning of 1922, and the price of pig iron at Birmingham at that time was $16.50, compared with a range of $23.00 to $25.00 at the present time. United States Merchant Iron_________ Non-merchant Iron—___ Total O utput...___ ____ Average daily production. Active furnaces________ Alabama District Merchant Iron_________ Non-merchant Iron_____ Total output..................... Active furnaces________ Dec. 1922 Nov. 1922 662,743 602,884 2,424,225 2,127,424 3,086,968 2,845,595 99,579 94,853 250 240 133,196 90,104 223,300 24 133,891 75,043 208,934 23 Dec. 1921 372,000 1,270,775 1,642,775 52,993 124 59,580 54,716 114,296 13 NAVAL STORES The Naval Stores markets have strengthened during the past month, and the price of turpentine, at Savannah, has increased from $1.30 the first part of December to $1.46 on January 4. Prices of the better grades of rosin have shown some increase during the month, while the lower grades have experienced a slight decline. Reports which have been issued state that between 93 and 95 per cent of the American crop for the season is in, and that receipts from now until April 1st will be in small lots and scattered. Figures for the season beginning April 1 through January 4 show total re ceipts of turpentine at the three principal markets of the District to 249,351, compared with 242,139 last year; and rosin 859,837 this year, compared with 716,376 last year, the increase in rosin receipts being due to old rosin being shipped in from the woods. Stocks of turpentine at the end of Decem ber were 44,774 barrels compared with 40,161 barrels at the end of November, and with 66,965 barrels on hand at these three markets at the close of December 1921. Stocks of rosin at the close of December were 307,303, compared with 352,465 at the end of November, and with 260,808 on December 31, 1921. NAVAL STORES MOVEMENT—DECEMBER Receipts—Turpentine Savannah_______ Jacksonville.......... Pensacola_______ Dec. 1922 Nov. 1922 Dec. 1921 7,587 8,452 10,435 12,070 11,733 10,718 4,379 4,414 4,831 Total________ 24,901 26,582 23,136 Rosin Savannah________ Jacksonville_____ Pensacola________ 42,947 51,341 17,732 42,529 47,323 15,041 41,467 48,057 14,657 112,020 104,893 104,181 5,265 12,180 2,843 10,265 5,868 2,237 5,004 11,619 3,416 Total.................. 20,288 18,370 20,039 Rosin Savannah..... ............. Jacksonville_______ Pensacola.......... ........ 96,129 43,280 16,773 25,978 34,702 14,495 21,495 45,308 9,174 156,182 75,175 75,977 14,967 20,376 9,431 11,780 20,486 7,895 13,584 29,641 23,740 44,774 40,161 66,965 54,515 186,370 67,418 107,697 178,309 66,459 13,584 174,742 72,482 307,303 352,465 260,808 Shipments—Turpentine Savannah............... Jacksonville...... ........ Pensacola_________ Stocks—Turpentine Savannah............ Jacksonville........ Pensacola______ Total______ Rosin Savannah............ Pensacola. Total......................... FEDERAL RESERVE BOARD INDEXES OF RETAIL TRADE THROUGHOUT THE UNITED STATES (1919 monthly average-100) Number Stores Department Stores______________________ Mall Order Houses_____ ______ __________ Chain Stores: Grocery _ _______________________ Drug . _________________________ Shoe______________________ _______ Five & Ten________ ________________ Music_____________________________ Cigar_____________ _______________ Dec. 1922 Nov. 1922 Dec. 1921 176 4 188.2 108.7 127.4 112.5 175.8 80.3 16 7 5 4 4 3 165.5 161.0 164.7 279.2 203.7 178.7 159.1 122.2 122.0 152.3 120.7 126.9 143.5 146.1 149.6 241.6 172.6 172.7 . T H E M O N T H L Y B U S IN E S S R E V IE W 15 FEDERAL RESERVE BANK OF^ATLANTA Weekly Statement of RESOURCES AND LIABILITIES Jan. 11,1922 Resources Gold and Gold Certificates...................... ..................................__........................................ Gold Settlement Fund______ _____________________________ _____ ___ ________ Jan. 10,1923 $ 5,741,645.50 19,770,501.32 $ 5,233,020.50 13,104,829.86 Total Gold held by bank_________ ___________________________ ___________ 25,512,146.82 18,337,850.36 Gold with Federal Reserve Agent.............. ................... ................ ........ ......................... ... Gold Redemption Fund.__________ ______ _______________ _______ __________ 107,623,885.00 1,768,551.03 39,897,005.00 8,383,081.97 Total Gold Reserve.............. ............................... ............................................................ $134,904,582.85 $ 66,617,937.33 Reserves other than G old......................... .......................................... ............ ............ . Total Reserve.,.......... ....................................................................................................... . Non Reserve Cash___________ _______________ ___ ___________________________ 6,315,103.00 141,219,685.85 10,823,059.15 5,909,458.00 72,527,395.33 Secured by U. S. Gov’t. Obligations........................ ...................................................... Other Bills Discounted....... ............................. ............................................................... Bills Bought in Open Market_ _____________ _______ ___________ _____ ___ _ 2,188,260.58 20,335,065.78 9,874,622.21 21,280,286.25 58,753,648.17 4,203,728.61 Total Bills on Hand.......................... .............................. ....................... ....................... . $32,397,948.57 $84,237,663.03 U. S. Bonds & Notes,____ _______ __________ _______ ________________________ _ One Cert, of Indebtedness (Pittman Act)....... .................................................................... All other Cert, of Indebtedness....... .................................................................................. . 302,200.00 9,139,920.00 10,162,606.75 8,564,000.00 896.00 Total Earning Assets......................................................... ............................................. . $41,840,068.57 102,965,165;78 Bank Premises................... .......................... .................. .......................................................... Five per cent fund against F. R. Bank Notes................................ ................................... Uncollected items............. . _..................... ........... ................................................................. . All other resources............. ...................... ........................................................................... . 1,964,570.94 23,797,392.41 305,176.98 1,037,216.87 521,550.00 24,698,633.38 212,872.90 Total Resources.................................... ........ .................................................................. . $219,949,953.90 $201,962,834.26 Bills Discounted for Member Banks: Liabilities Capital paid in _____ ______ ____________________ ____________ _______________ Surplus fu n d .......... ........... ............................ .......................................................................... Reserved for Government Franchise Tax......... ....................... ............................... _.......... $ 4 ,3 0 9 ,7 5 0 .0 0 8 ,9 4 1 ,5 5 3 .4 2 ....................... $ 4 ,1 9 0 ,7 0 0 .0 0 9 ,1 1 3 ,5 7 0 .9 9 127,982.05 Deposits : Government................... .................................................... .............................................. Member Banks—Reserve account........... .......................... ............................................. All O ther.................................... ............................................... ............. ......................... 515,959.59 5 9 ,3 0 5 ,6 7 9 .8 7 3 ,0 1 2 ,5 1 3 .8 0 2 ,0 7 3 ,6 8 5 .2 4 45,1 2 5 ,7 0 1 .9 2 333,862.96 Total Deposits............................................................................................... ..................... $ 62,834,153.26 $ 47,533,250.12 Federal Reserve Notes in actual circulation—..................................................................... Federal Reserve Bank Notes in actual circulation............................................................. Deferred availability items....................................................................................................... All other Liabilities.................... ............................................................................................... 122,949,685.00 ....................... 20,274,020.04 640,792.18 116,233,005.00 7,487,800.00 16,550,152.41 726,373.69 Total Liabilities.... ................ ............................................................................................ 219,949,953.90 201,962,834.26 Ratio of total Reserves to Deposits and F. R. Note liability combined. 76.0% 44.3%
